Pace of decline in Eurozone producer prices eases for a third consecutive month

Data released by Eurostat on Friday showed Eurozone producer prices fell 2.8 percent year-on-year following 3.1 percent fall in June. Data was slightly better than forecast at a 2.9 percent decrease. Pace of decline eased for a third consecutive month.

Producer prices edged up 0.1 percent month-over-month in July after a 0.8 percent gain in June, revised from 0.7 percent. Data was in line with economists' expectations, up for a third straight month.

Details of the report showed non-durable consumer goods prices rose 0.3 percent, intermediate goods prices were up 0.2 percent and both capital goods and durable consumer goods prices rose 0.1 percent. Meanwhile, prices fell by 0.4 percent in the energy sector.

For the EU28, producer prices declined 2.5 percent annually in July following a 2.9 percent slump in June. On a month-on-month basis, prices edged up 0.1 percent after a 0.8 percent rise in June.